RBSI confirms another senior departure

Royal Bank of Scotland has confirmed that Michael Rea has left his role as director of NIG.

In a statement, the company said: “Michael Rea has left RBS Insurance. We are unable to discuss the matter any further, but it remains business as usual within NIG and Andy Cornish, managing director, will be covering this role on an interim basis until a replacement is announced."

Mr Rea, was appointed to the position in February last year, having previously been finance director at the broker-only insurer

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Broking profits fall at Saga

Underlying profit before tax in Saga’s insurance broking arm fell to £39.8m for the year ended 31 January 2024, compared with £71.5m in the previous period.

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